In FIL-49-98: Financial Institution Letters: dated May 11, 1998, the Federal Deposit Insurance
Corporation (FDIC) provided information from the Office of the
Comptroller of the Currency about the issuance of $650 million (U.S.)
face value check form instruments by Banca Populara Ardealul,
Bistrita, Romania, which was not authorized by the government of
Romania to conduct a banking business. Information recently received
indicates that Banca Populara Ardealul, while not licensed by the
National Bank of Romania (Central Bank), is entered on the Register of
Commerce as a "credit-cooperative-popular bank" (Law No. 109/1996).

Banca Populara Ardealul reportedly issued $650 million (U.S.) face
value debt obligations, and the obligations were not funded as agreed.
The instruments have subsequently, in effect, been cancelled.
However, it has been reported that some of the instruments
denominated at $25 million each remain in circulation. Banca Populara
Ardealul states that any such instruments are to be considered "fake
and false."